Around 40 million American smokers contribute annually to the tobacco industry’s revenue. In fact, Expert Market Research states that the industry achieved a global market value of almost $900 billion (CAD$1.2 billion) in 2022. Aside from manufacturer profits, this estimate also reflects the portion that goes into government tax revenues. Conversely, these revenues take a toll on many smokers’ finances. By taking into account that the habit is an addictive one, it seems that smokers are stuck in a cycle of burning away their money.
The cost of smoking
On average, adult Americans smoke up to 17 cigarettes a day. This is equivalent to nearly one pack. More avid smokers can very easily smoke more every day. Depending on the state, this consumption habit can cost smokers between almost $2,000 (CAD$2673) to over $4,000 (CAD$5346) annually. Over a 50-year time period, smokers in states like New York, where tobacco taxation is higher, can spend almost $235,000 (CAD$314,128). To put this in perspective, this is close to the median cost of raising a child for 18 years in the USA.
On top of this, regular smokers can also expect to spend on other smoking-related expenses. Most notably, this includes medical bills. Smoking increases the risk of over 50 severe health conditions, such as heart disease and stroke. Furthermore, 7 out of 10 lung cancer cases are due to smoking. To back this up, studies confirm that smokers, at any given age, spend 40% higher on healthcare expenses compared to non-smokers.
How you can stop the habit
With all of these ramifications and expenses, it’s not difficult to see that quitting would be beneficial for the health and the wallet. However, this is easier said than done. Listed below are a few ways that may help those who want to cease smoking.
Consider nicotine replacement therapy options
Nicotine replacement therapy (NRT) products provide controlled nicotine dosages to combat cravings and withdrawal symptoms. As such, using NRT products has been proven more effective rather than going cold turkey. As an added benefit, they are available in unique flavors like wintergreen and coffee, and different strengths, as displayed by the nicotine pouches on Prilla. These can make the cessation process more enjoyable and, thus, sustainable. Trusted retailers like this also offer deals, such as free shipping, to lessen customer costs. Another option for consumers is nicotine gum like Nicotex from Cipla. NRTs like this provide guidelines so that users can significantly reduce their nicotine consumption and expenditures over time.
Seek support from healthcare professionals
For some smokers, quitting the habit is also emotionally and mentally challenging. Some individuals require the support of a care provider as they experience behavioral changes. Fortunately, there are hotlines such as the American Cancer Society’s telephone line, which operates around the clock to provide resources and coaching on how to stop. These offer support with no charge to callers. Smokers can also approach their local healthcare providers for intervention programs. For instance, hospitals provide smoking cessation initiatives that work by shifting lifestyle choices. This usually includes a form of personal counseling that tracks triggers and teaches holistic coping methods that prevent relapses. A portion of the payment for these treatments is covered by insurance as a medical-related benefit, so they won’t largely impact your finances.
Pursue healthy lifestyle habits
On the other hand, smokers who prefer a do-it-yourself approach to quitting can look into practicing healthy lifestyle habits to replace smoking. A great option for this is to get a gym membership. Researchers from the Human Kinetics Journals established that physical activity aids in smoking cessation. It effectively distracts and reduces withdrawal symptoms. Looking at the math, memberships cost an average of $50 (CAD$66) a month. Compared to cigarettes, this would only buy about seven packs, which is less than most smokers consume weekly. Not only would gym memberships be cheaper and helpful for quitting, but exercising would also reverse the harmful effects caused by smoking on the body.
Overall, smoking is an expensive habit. With all of the costs outlined above, it is recommended to quit and save up on healthier expenses instead. For more informative articles like the one above, visit The Outlier Model.
